The new report by Expert Market Research titled, ‘India Shrimp Market Report and Forecast 2023-2028’, gives an in-depth analysis of the India shrimp market, assessing the market based on its segments like species, sizes, and major states.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
|Growth Rate CAGR||9.60%|
|Major Players||Nekkanti Sea Foods Limited (NSFL), Devi Fisheries Limited, Falcon Marine Exports, BMR Groups, Jayalakshmi Sea Foods Pvt. Ltd., Apex Frozen Foods Ltd., SSF LIMITED and among others.|
The shrimp market in India is being driven by the increasing inclination of Indians to consuming seafood products other than fish. The expansion of the cuisine portfolio in hotels and restaurants in the country is leading to the introduction of a variety of shrimp-based cuisines, which is further propelling the demand for shrimp. Over the forecast period, the increasing inclination towards nutritious seafood products owing to the growing trend of bodybuilding and fitness in the country is anticipated to boost the shrimp market in India. Furthermore, the increasing influence of western countries on the Indian youth is likely to accelerate the market growth during the forecast period.
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Shrimp refers to a specie of shellfish with long tail and multiple legs and is commercially used as food. Shrimps are extremely abundant and are found in freshwater lakes and in muddy areas of the ocean. It is considered as a nutritional food which contains vitamin B12.
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On the basis of species, the market can be segmented into:
Based on size, the market has been categorised into:
The regional markets for India shrimp include:
The key trends in the shrimp market in the India include the thriving e-commerce industry, which is propelling the reach of shrimp in urban and semi-urban areas. It provides various shrimp-based ready-to-eat products. Over the forecast period, the increasing disposable income, rising standards of living, and rapid urbanisation in the country are some of the factors which are likely to boost the popularity of shrimp in the country.
Furthermore, the favourable policies of the Indian government aimed towards promoting shrimp farming practices are likely to be the crucial trends in the market. In addition to this, shrimp market is anticipated to support the Indian economy, which is likely to be another key trend.
The major players in the market are Nekkanti Sea Foods Limited (NSFL), Devi Fisheries Limited, Falcon Marine Exports, BMR Groups, Jayalakshmi Sea Foods Pvt. Ltd., Apex Frozen Foods Ltd., and SSF LIMITED, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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